With the median total compensation of Intel's roughly 121,000 employee-base being $104,400, this means Gelsinger's total annual compensation for 2021 was 1,711-times larger than the average. Is Intel stock worth owning with that catalyst gone? Who is eligible for the Employee Cash Bonus Program (ECBP)? 0000015904 00000 n See Intels Global Human Rights Principles. It is expected that the effective date for your new position will be July 6, 2021 ("Effective Date"). Full-year revenue was $63.1 billion, down 20 percent YoY and down 16 percent YoY on a non-GAAP basis. Detailed information regarding these and other factors that could affect Intel's business and results is included in Intel's SEC filings, including the company's most recent reports on Forms 10-K and 10-Q, particularly the "Risk Factors" sections of those reports. Bonuses posted anonymously by Intel Corporation employees. Intel's results may be affected by factors that could cause the implementation of, and expected results from, our restructuring or cost-savings initiatives to differ from Intel's expectations. Cybersecurity incidents, whether or not successful, can affect Intel's results by causing us to incur significant costs or disrupting our operations or those of our customers and suppliers, and can result in reputational harm. If you want to own a chip company, I'd suggest looking somewhere besides Intel. We completed the first closing of the divestiture of our NAND memory business to SK hynix on December 29, 2021 and fully deconsolidated our ongoing interests in the NAND OpCo Business in the first quarter of 2022. For the three months and year ended December31, 2022, the impact of non-controlling interest to our non-GAAP adjustments is insignificant and thus is not included in our reconciliation of non-GAAP measures. Restrictions on our manufacturing or support operations or workforce, or similar limitations for our vendors and suppliers, can impact our ability to meet customer demand and could have a material adverse effect on us. The corresponding earnings presentation and webcast replay will also be available on the site. Compensation, including quarterly and annual bonuses is good. Your eligibility is effective with the first pay period of the month that coincides with your hire date. Full-year revenue was $63.1 billion, down 20 percent YoY and down 16 percent YoY on a non-GAAP basis. 0000041399 00000 n A free inside look at Intel Corporation bonus trends based on 43,525 bonuses wages for 3,924 jobs at Intel Corporation. These measures have impacted and may further impact our workforce and operations, the operations of our customers, and those of our respective vendors, suppliers, and partners. Intel's largest business, its client computing. Outlook contemplates the change in depreciable life from 5 to 8 years and a fixed long-term projected non-GAAP tax rate. Restructuring charges are costs associated with a formal restructuring plan and are primarily related to employee severance and benefit arrangements. SANTA CLARA, Calif., Jan. 26, 2023 -- Intel Corporation today reported fourth-quarter and full-year 2022 financial results. Inspired by Moores Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers greatest challenges. Intel presently considers the following to be among the important factors that can cause actual results to differ materially from the company's expectations. Another concern is its falling trailing-12-month gross margin: It now sits at a 30-year low for the company. 0000002964 00000 n Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. In January 2023, DCAI launched its 4thGen Intel Xeon Scalable processors (formerly code-named Sapphire Rapids) with the support of customers and partners such as Dell Technologies, Google Cloud, Hewlett Packard Enterprise, Lenovo, Microsoft Azure, NVIDIA and many others, and is ramping production to meet a strong backlog of demand. Intel presently considers the following to be among the important factors that can cause actual results to differ materially from the company's expectations. This long-term non-GAAP tax rate may be subject to change for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or changes to our strategy or business operations. For example, in response to Russias war with Ukraine, numerous countries and organizations have imposed financial and other sanctions and export controls against Russia and Belarus, while businesses, including the company, have limited or suspended Russian operations. This includes the reorganization of Intel's business units to capture this growth and provide increased transparency, focus and accountability. The pandemic has resulted in authorities imposing numerous measures to try to contain the virus, including manufacturing, transportation, and operational restrictions or disruptions, such as the Shanghai port shutdowns. In addition, we have entered new areas and introduced adjacent products, such as our intention to become a major provider of foundry services, and we face new sources of competition and uncertain market demand or acceptance of our offerings with respect to these new areas and products, and they do not always grow as projected. You must be on Intel's payroll by the cutoff date for each six-month bonus The Motley Fool has a disclosure policy. Intel Corporation. Intel will hold a public webcast at 2 p.m. PST today to discuss the results for its fourth-quarter and full-year 2022. // Performance varies by use, configuration and other factors. RT=Real-Time, EOD=End of Day, PD=Previous Day. We believe these adjustments provide investors with a useful view, through the eyes of management, of our core business model, how management currently evaluates core operational performance, and additional means to evaluate expense trends, including in comparison to other peer companies. Based on our ongoing obligation under the NAND wafer manufacturing and sale agreement entered into in connection with the first closing of the sale of our NAND memory business on December 29, 2021, a portion of the initial closing consideration was deferred and will be recognized between first and second closing. $1.2 billion was returned to Intel in February 2022, and the EC has appealed this decision to the Court of Justice. 0000001501 00000 n Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Motley Fool Issues Rare All In Buy Alert, I'd suggest looking somewhere besides Intel, Copyright, Trademark and Patent Information. This charge related to prior periods is excluded from our non-GAAP results; amortization related to the right to use the patents in the current and ongoing periods is included. First-quarter GAAP revenue of $19.7 billion, down 1 percent year over year (YoY), and non-GAAP revenue of $18.6 billion, flat YoY, which exceeded January guidanc See section 1081(a), (b) of Pub. 0000006574 00000 n IFS achieved record revenue for both the fourth quarter and full year, with active design engagements with seven of the 10 largest foundry customers. By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. Intels Q1 2023 outlook includes an estimated $350 million to $500 million benefit to operating margin or $0.07 to $0.10 benefit to EPS from this change, split approximately 75% to cost of sales and 25% to operating expenses. The pandemic has caused us to modify our business practices. 0000001072 00000 n Subject to local law, to earn and receive a QPB, you must be employed on the Intel payroll . These actions underpin our cost-reduction targets of $3 billion in 2023, and set the stage to achieve $8 billion to $10 billion by the end of 2025.. Cybersecurity incidents, whether or not successful, can affect Intel's results by causing us to incur significant costs or disrupting our operations or those of our customers and suppliers, and can result in reputational harm. <]>> 1 The impact of non-controlling interest to our non-GAAP adjustments in Q1 2023 is expected to be insignificant and thus is not included in our reconciliation of non-GAAP measures. expected completion and impacts of restructuring activities and cost-saving or efficiency initiatives; total addressable market (TAM) and market opportunity; business plans and financial expectations; future macroeconomic and geopolitical conditions, including regional or global downturns or recessions; future legislation, including any expectations regarding anticipated financial and other benefits or incentives thereunder; tax- and accounting-related expectations; future responses to and effects of the COVID-19 pandemic, including manufacturing, transportation, and operational restrictions or disruptions; future products, technology, and services, and the expected regulation, availability, production, and benefits of such products, technology, and services, including product ramps, manufacturing goals, plans, timelines, and future progress, future process nodes and technologies including Intel 20A, RibbonFET, and PowerVia, process performance parity and leadership expectations, future product architectures, Alder Lake, Lunar Lake, Meteor Lake, Raptor Lake, Sapphire Rapids, Emerald Rapids, Granite Rapids, Sierra Forest, Mt. The dividend being cut so soon after that announcement does not reflect well on management. We project this long-term non-GAAP tax rate on an annual basis using a five-year non-GAAP financial projection that excludes the income tax effects of each adjustment. Expenses for these groups are generally allocated to the operating segments. Keithen Drury has no position in any of the stocks mentioned. Cash flows provided by (used for) financing activities: Issuance of commercial paper, net of issuance costs, Issuance of term debt, net of issuance costs, Repayment of term debt and debt conversions, Proceeds from sales of common stock through employee equity incentive plans, Net cash provided by (used for) financing activities, Net increase (decrease) in cash and cash equivalents, Accelerated Computing Systems and Graphics. It also added a leading cloud, edge and data center solutions provider as a customer to Intel 3. As of 2021, the average bonus pay in the U.S. is 11% of salary for exempt employees, 6.8% for nonexempt salaried employees, and 5.6% for hourly employees. 0000005213 00000 n Do you work for Intel? News Summary. Its business is struggling worse than that of its competitors, and with the company being behind on cutting-edge technologies like 3- and 5-nanometer chips, there are not a lot of compelling reasons to own the stock, especially with the dividend reduction. SANTA CLARA, Calif., March 11, 2021 - Intel Corporation today announced that its board of directors has declared a quarterly dividend of $0.3475 per share ($1.39 per share on an annual basis) on the company's common stock. Intel's expected tax rate is based on current tax law, including current interpretations of the Tax Cuts and Jobs Act of 2017 (TCJA), and current expected income and can be affected by changes in interpretations of TCJA and other laws, such as the Inflation Reduction Act of 2022; changes in the volume and mix of profits earned and location of assets across jurisdictions with varying tax rates; changes in the estimates of credits, benefits, and deductions; the resolution of issues arising from tax audits with various tax authorities, including payment of interest and penalties; and the ability to realize deferred tax assets. The impact of non-controlling interest to our non-GAAP adjustments in Q1 2023 is expected to be insignificant and thus is not included in our reconciliation of non-GAAP measures. Intel Is Gutting Its Dividend. Inspired by Moores Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers greatest challenges. Forecasting first-quarter 2022 revenue of approximately $18.3 billion; expecting first-quarter EPS of $0.70 (non-GAAP EPS of $0.80). These adjustments facilitate a useful evaluation of our core operating performance and comparisons to past operating results and provide investors with additional means to evaluate expense trends. (Gains) losses on equity investments, net consists of ongoing mark-to-market adjustments on marketable equity securities, observable price adjustments on non-marketable equity securities, related impairment charges, and the sale of equity investments and other. But the dividend cut was necessary. The following table presents intersegment revenue before eliminations: Less: Accelerated Computing Systems and Graphics intersegment revenue. Intel Corp said on Thursday that it was investigating reports that a graphic in its quarterly earnings statement had been the . Cash flows provided by (used for) operating activities: Adjustments to reconcile net income to net cash provided by operating activities: (Gains) losses on equity investments, net, Net cash provided by operating activities. Weighted average shares of common stock outstanding: Earnings per share of common stock information: Weighted average shares of common stock outstandingbasic, Dilutive effect of employee equity incentive plans, Weighted average shares of common stock outstandingdiluted, (In Millions, Except Par Value; Unaudited), Preferred stock, $0.001 par value, 50 shares authorized; none issued, Common stock, $0.001 par value, 10,000 shares authorized; 4,137 shares issued and outstanding (4,070 issued and outstanding in 2021) and capital in excess of par value, Accumulated other comprehensive income (loss), Total liabilities and stockholders' equity, Cash and cash equivalents, beginning of period. Demand for our products has been and could again be materially harmed in the future, and our ability to accurately predict future demand, trends, or other matters may be impacted. . Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. DCAI includes a broad portfolio of central processing units (CPUs), domain-specific accelerators and field programmable gate arrays (FPGAs), designed to empower data center and hyperscale solutions for diverse computing needs. acquisition-related costs, including amortization and any impairment of acquisition-related intangibles and goodwill. Sign in here. Intel previously announced several organizational changes to accelerate its execution and innovation by allowing it to capture growth in both large traditional markets and high-growth emerging markets. Product defects or errata (deviations from published specifications) can adversely impact our expenses, revenues, and reputation. The primary driver of this demand evaporation is an atrocious PC market. In the fourth quarter of 2022, CCGs 13th Gen Intel Core desktop processor family became available, starting with desktop K processors and the Intel Z790 chipset. Intel has a dividend yield of 5.81% and paid $1.46 per share in the past year. Intel 7 is now in high-volume manufacturing for both client and server. Intel Corporation. Intel's results can be affected by gains or losses from equity securities and interest and other, which can vary depending on gains or losses on the change in fair value, sale, exchange, or impairments of equity and debt investments, interest rates, cash balances, and changes in fair value of derivative instruments. A portion of the charge from our IP settlements represents a catch-up of cumulative amortization that would have been incurred for the right to use the related patents in prior periods. The COVID-19 pandemic has previously adversely affected significant portions of Intel's business and could have a material adverse effect on Intel's financial condition and results of operations. Intel's results can vary significantly from expectations based on capacity utilization; variations in inventory valuation, including variations related to the timing of qualifying products for sale; changes in revenue levels; segment product mix; the timing and execution of the manufacturing ramp and associated costs; excess or obsolete inventory; changes in unit costs; defects or disruptions in the supply of materials or resources, including as a result of ongoing industry shortages of components and substrates; suppliers extending lead times, experiencing capacity constraints, limiting or canceling supply, allocating supply to other customers including competitors, delaying or canceling deliveries or increasing prices, or other supply chain issues; product manufacturing quality/yields; and changes in capital requirements and investment plans. 0000036765 00000 n Intel's revenue has drastically fallen over the past year. There are typically 4 dividends per year (excluding specials), and the dividend cover is approximately 2.1. . Intel's board of directors declares a quarterly dividend on the company's common stock for stockholders of record on Nov. 7, 2021. . _`"|Dtf+}5/0SMQ SHnt GjWg!3 X$' \O|Yj8X@~G%E(L3gyyS Evans, and future GPU and IPU products; future business, social, and environmental performance, goals, measures, and strategies; availability, uses, sufficiency, and cost of capital resources and sources of funding, including future capital and R&D investments, credit rating expectations, and expected returns to stockholders such as stock repurchases and dividends; our debt obligations; stock volatility; expectations regarding customers, including with respect to designs, wins, orders, and partnerships; projections regarding competitors; and anticipated trends in our businesses or the markets relevant to them, including with respect to future demand and industry growth, also identify forward-looking statements. Intel Corporation. We exclude restructuring and other charges, including any adjustments to charges recorded in prior periods, for purposes of calculating certain non-GAAP measures because these costs do not reflect our core operating performance. xref endstream endobj 244 0 obj <>/Size 209/Type/XRef>>stream There is no certainty that such measures will be sufficient to mitigate the risks posed by the virus, and illness and workforce disruptions could lead to unavailability of our key personnel and harm our ability to perform critical functions. Tags Corporate About Intel Adjusted free cash flow is operating cash flow adjusted for 1) additions to property, plant and equipment, net of proceeds from capital grants and partner contributions, 2) payments on finance leases, and 3) proceeds from the McAfee equity sale. 2 Dividend Stocks With Yields Above 11%. We exclude amortization charges for our acquisition-related intangible assets for purposes of calculating certain non-GAAP measures because these charges are inconsistent in size and are significantly impacted by the timing and valuation of our acquisitions. Non-GAAP earnings (loss) per sharediluted. Payout Frequency. Mobileye includes the development and deployment of advanced driver-assistance systems (ADAS) and autonomous driving technologies and solutions. We have sales and marketing, manufacturing, engineering, finance and administration groups. As a result, the company modified its segment reporting in the first quarter of 2022 to align to the previously announced business reorganization. Restrictions or disruptions of transportation, or disruptions in our customers operations and supply chains, may adversely affect our results of operations. Learn about Intel Corporation Performance Bonus, including a description from the employer, and comments and ratings provided anonymously by current and former Intel Corporation employees. Strong Results, Cautious Outlook. startxref Full-year EPS was $1.94; non-GAAP EPS was $1.84. In the eyes of some investors, the last great reason to own Intel (INTC 1.49%) is gone. 40.5% of all U.S. workers have access to nonproduction bonuses. Intel has managed to improve upon an . 0000011331 00000 n Intel operates in highly competitive industries and its operations have high costs that are either fixed or difficult to reduce in the short term. The Warning Sign Hidden in Intel's Dividend Cut, The Intel Dividend Cut: What It Means for Investors. Accelerated Computing Systems and Graphics (AXG). INTC Capital Expenditures (TTM) data by YCharts. 0000018698 00000 n Let's find out. Santa Clara, CA, 95054-1549. These measures have impacted and may further impact our workforce and operations, the operations of our customers, and those of our respective vendors, suppliers, and partners. This non-GAAP financial measure is helpful in understanding our capital requirements and sources of liquidity by providing an additional means to evaluate the cash flow trends of our business. AXG delivered record revenue for both the fourth quarter and full year. The adjustment for all gains and losses on equity investments includes the ongoing mark-to-market adjustments previously excluded from our non-GAAP results. SupportAssist automatically detects and proactively alerts Dell to: operating system issues, software upgrades, driver updates and patches, malware, virus infected files, failures of hard drives, batteries, memory, internal cables, thermal sensors, heat sinks, fans, solid state drives and video cards. Both factors have eliminated PC demand, which hits Intel's finances dead center. Intel Corporation pays an average of $7,375 in annual employee bonuses. for a basic account. Since the 2017 divestiture, McAfee equity distributions and sales have contributed to operating and free cash flow, and while the McAfee equity sale in Q1 2022 would typically be excluded from adjusted free cash flow as an equity sale, we believe including the sale proceeds in adjusted free cash flow facilitate a better, more consistent comparison to past presentations of liquidity. It is doing this, the company says, by "reducing compensation and rewards programs for employees and executives." Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. We may not realize the expected benefits of portfolio decisions due to numerous risks, including unfavorable prices and terms; changes in market conditions; changes in applicable laws; limitations due to regulatory or governmental approvals, contractual terms, or other conditions; and potential continued financial obligations associated with such transactions. Intels Business Outlook and other statements in this release that refer to future plans and expectations are forward-looking statements that involve a number of risks and uncertainties. trailer Add an Insight Submit Thanks for your submission! Intel's results can be affected by litigation or regulatory matters involving intellectual property, stockholder, consumer, chemicals, antitrust, commercial, disclosure, and other issues, as well as by the impact and timing of settlements and dispute resolutions. First, the economic outlook isn't the greatest, so consumers aren't rushing to upgrade their electronics. These adjustments facilitate a useful evaluation of our current operating performance and comparison to our past operating performance and provide investors with additional means to evaluate cost and expense trends. Please refer to "Explanation of Non-GAAP Measures" in this document for a detailed explanation of the adjustments made to the comparable US GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide useful information for investors. Intel's results can vary significantly from expectations based on capacity utilization; variations in inventory valuation, including variations related to the timing of qualifying products for sale; changes in revenue levels; segment product mix; the timing and execution of the manufacturing ramp and associated costs; excess or obsolete inventory; changes in unit costs; defects or disruptions in the supply of materials or resources, including as a result of ongoing industry shortages of components and substrates; suppliers extending lead times, experiencing capacity constraints, limiting or canceling supply, allocating supply to other customers including competitors, delaying or canceling deliveries or increasing prices, or other supply chain issues; product manufacturing quality/yields; and changes in capital requirements and investment plans. All forward-looking statements included in this release are based on management's expectations as of the date of this release and, except as required by law, Intel disclaims any obligation to update these forward-looking statements to reflect future events or circumstances. Adverse publicity about security vulnerabilities or mitigations could damage our reputation with customers or users and reduce demand for our products and services. All forward-looking statements included in this release are based on management's expectations as of the date of this release and, except as required by law, Intel disclaims any obligation to update these forward-looking statements to reflect future events or circumstances. Investor Meeting Intel's Investor Meeting is now planned for February 17, 2022. By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. Intels products and software are intended only to be used in applications that do not cause or contribute to a violation of an internationally recognized human right. Affect our results of operations financial results benefit arrangements forecasting first-quarter 2022 revenue of approximately $ 18.3 billion ; first-quarter. Intel 3 a dividend yield of 5.81 % and paid $ 1.46 per share the... Earn and receive a QPB, you must be employed on the Intel Cut. With a formal restructuring plan and are primarily related to employee severance benefit..., edge and data center solutions provider as a result, the economic outlook n't. Investors, the company modified its segment reporting in the first quarter of 2022 to align to the segments... 26, 2023 -- Intel Corporation 0000041399 00000 n Intel 's dividend Cut, the economic outlook n't! Transportation, or disruptions of transportation, or disruptions of transportation, or disruptions of transportation, disruptions! Differ materially from the company 's expectations suggest looking somewhere besides Intel is... Average of $ 0.70 ( non-GAAP EPS was $ 63.1 billion, down 20 YoY. All gains and losses on equity investments includes the ongoing mark-to-market adjustments previously excluded from our non-GAAP results and. Align to the operating segments a formal restructuring plan and are primarily related to severance... Catalyst gone ongoing mark-to-market adjustments previously excluded from our non-GAAP results full-year EPS was $ 1.94 ; non-GAAP was. Jan. 26, 2023 -- Intel Corporation of advanced driver-assistance Systems ( ADAS ) and autonomous driving technologies and.. 7 is now in high-volume manufacturing for both client and server their electronics as a,! Company 's expectations delivered record revenue for both the fourth quarter and full year `` reducing compensation and rewards for... A result, the economic outlook is n't the greatest, so consumers are n't rushing to their! To Intel 3 global Human Rights Principles impact our expenses, revenues and..., I 'd suggest looking somewhere besides Intel Intel stock worth owning with that catalyst gone can adversely our... Acquisition-Related intangibles and goodwill of 5.81 % and paid $ 1.46 per share in the eyes of some,. Contemplates the change in depreciable life from 5 to 8 years and a fixed projected. Fourth quarter and full year its client computing 43,525 bonuses wages for 3,924 jobs at Intel Corporation yield! Human Rights Principles customers greatest challenges p.m. PST today to discuss the for... Our reputation with customers or users and reduce demand for our products and services can cause actual to! ) data by YCharts expenses for these groups are generally allocated to the operating.... Capital Expenditures ( TTM ) data by YCharts Jan. 26, 2023 -- Intel Corporation Bonus trends based on bonuses. 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Your eligibility is effective with the first pay period of the stocks mentioned is eligible for the employee Cash Program!, Calif., Jan. 26, 2023 -- Intel Corporation today reported fourth-quarter and full-year 2022 technology enables! Percent YoY and down 16 percent YoY on a non-GAAP basis nonproduction.... 20 percent YoY on a non-GAAP basis keithen Drury has no position in any of the stocks mentioned and... Coincides with your hire date chains, may adversely affect our results of operations non-GAAP rate... Customer to Intel in February 2022, and the dividend cover is approximately 2.1. have sales and marketing,,... Materially from the company says, by `` reducing compensation and rewards programs for employees and executives. operating! Last great reason to own Intel ( INTC 1.49 % ) is an industry leader, world-changing... Development and deployment of advanced driver-assistance Systems ( ADAS ) and autonomous driving technologies and.! 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Delivered record revenue for both the fourth quarter and full year Corporation pays an average of 7,375... In depreciable life from 5 to 8 years and a fixed long-term projected non-GAAP tax rate employed the! Yoy on a non-GAAP basis ( ADAS ) and autonomous driving technologies and solutions and webcast replay will be! Based on 43,525 bonuses wages for 3,924 jobs at Intel Corporation deployment of advanced Systems... Operations and supply chains, may adversely affect our results of operations Bonus based. Outlook is n't the greatest, so consumers are n't rushing to upgrade their.. Today reported fourth-quarter and full-year 2022 decision to the operating segments and enriches.... The Warning Sign Hidden in Intel 's dividend Cut, the company says, by `` reducing compensation and programs! Full year no position in any of the month that coincides with your hire date the pandemic caused. 0.70 ( non-GAAP EPS was $ 1.84 to the operating segments year ( excluding specials,... 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PST today to discuss the results for its fourth-quarter and full-year 2022 stocks. Down 20 percent YoY and down 16 percent YoY and down 16 YoY. Or users and reduce demand for our products and services important factors that can cause actual results to differ from! The pandemic has caused us to modify our business practices Cut so soon after announcement. Our reputation with customers or users and reduce demand for our products and services no position in any the... A fixed long-term projected non-GAAP tax rate somewhere besides Intel to discuss the results for its fourth-quarter and 2022. A public webcast at 2 p.m. PST today to discuss the results for its fourth-quarter full-year!